Amplify Energy (AMPY) Q4 2025 earnings summary

Executive summary

• Divested East Texas, Louisiana, Oklahoma, Eagle Ford, and Magnify assets for ~$250 million, streamlining operations and reducing overhead.

• Used divestiture proceeds to fully eliminate outstanding debt, ending 2025 with ~$61 million cash on hand.

• Refocused on Beta and Bairoil fields, targeting low-risk, high-return development and CCUS opportunities.

Financial highlights

• Adjusted EBITDA for 2025 was $80.2 million; free cash flow was negative $16.1 million; full-year net income was $44.0 million.

• Q4 2025 net income was $64.4 million, driven by asset sales; Adjusted EBITDA was $21.5 million.

• Proved reserves (1P) at year-end 2025: 38.1 MMBoe (65% developed, 35% undeveloped), PV-10 of $376 million at SEC pricing.

• Lease operating expenses in Q4 were $29.7 million, down $5.9 million sequentially.

• Implied 1P equity value at $65 WTI is $8.03/share, a 40% premium to recent share price.

Outlook and guidance

• 2026 capital investment guidance is $45–$65 million, with over 95% allocated to Beta.

• Projected 2026 net average daily oil production: 6.7–7.9 MBbls/d, 100% oil.

• Beta field expected to deliver ~20% production growth in 2026, with 5–8 new wells planned.

• Bairoil focus on cost savings, CCUS potential, and $2–$3 million for facility upgrades.

• 2026 lease operating expenses expected at $17–$22 million; Adjusted EBITDA guidance: $80–$100 million.